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Can you use the Home Buyers’ Plan to buy a foreign property? Mar 20th
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I am looking to use my RRSP to buy a vacation property in Portugal. How much can I take out tax free?—Andy
Tax implications of buying property in another country
I think you are referring to the Home Buyers’ Plan (HBP), Andy, when you ask about a tax-free registered retirem.... More »
Summer energy savings: How to stay cool without cranking the AC Jul 23rd
When the mercury begins to rise, Jeffrey Siegel sinks into a routine. Windows facing the east are covered in the morning before those in the west are shrouded in the afternoon, his fan gets switched on, more of his cooking moves to the barbecue, and a clothesline is brought out whenever there is la.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Nov 12th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Stock news for investors: Cineplex and Aritzia post strong results despite industry headwinds + MORE Oct 15th
Here’s a round-up of news for Canadian investors this week.
Cineplex
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The best TFSAs in Canada for 2026 + MORE Feb 4th
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EQ Bank TFSA Savings Account
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RESP guide: Making the shift from saving for your child’s post-secondary education, to funding it
– moneysense.ca
A Registered Education Savings Plan is a government-sponsored investment account that’s designed to help adults save towards post-secondary education costs for the children in their lives.
Canadians contributed $5 billion to RESPs in 2019, bringing total assets to $63.7 billion, according to the most recent Government of Canada figures. So it’s clear many of us with children in our lives recognize the benefits of saving in an RESP, which allows the contributor’s money to grow tax-free until it is withdrawn. Perhaps the best benefit is the fact that a portion of those contributions are matched by the federal government’s Canada Education Savings Grant: up to 20% or $500 per year (on the maximum contribution of $2,500), to a lifetime maximum of $7,200.
When the beneficiary of the plan—the student—needs those funds to pay for post-secondary education expenses, like tuition, housing and books, the money is usually taxed in the student’s hands. But because students’ income is usually much lower than the contributor’s, the tax bill is generally very small, or even $0…
Canadians contributed $5 billion to RESPs in 2019, bringing total assets to $63.7 billion, according to the most recent Government of Canada figures. So it’s clear many of us with children in our lives recognize the benefits of saving in an RESP, which allows the contributor’s money to grow tax-free until it is withdrawn. Perhaps the best benefit is the fact that a portion of those contributions are matched by the federal government’s Canada Education Savings Grant: up to 20% or $500 per year (on the maximum contribution of $2,500), to a lifetime maximum of $7,200.
When the beneficiary of the plan—the student—needs those funds to pay for post-secondary education expenses, like tuition, housing and books, the money is usually taxed in the student’s hands. But because students’ income is usually much lower than the contributor’s, the tax bill is generally very small, or even $0…
